Most of us are totally dependent on the online stuff. I know few of my newly married friends, colleagues, who have brought expensive purchases like television, fridge etc. online. Right from flour to clothing, accessories, all day to day stuff is available in one go. Then, in spite of so much digitalization, why are we still relying on usual agents or dealers to buy Life Insurance Policies?
If yes, then it’s time to change that notion. Buying a Life Insurance policy online is a blessing! The process is smooth sailing, all the features, benefits, prices of different insurance companies are seen under the same roof. What else? Well, you get free assistance with regards to any queries on buying, payments, claims etc.
Let us first know the importance of Life Insurance
- Giving financial security to your family
In case of sudden death of the breadwinner of the family, the life insurance company
will pay the sum assured to the beneficiary / nominee of the life insurance policy. In this way the family will be financially secured and will not have to go through a state of deprivation.
- Provides Life Cover
The main aim of a Life Insurance policy is to provide life cover. The insurance company covers your risk of death for a specific term or for the entire life.
- Provides Tax Benefit
The premiums you pay under a Life Insurance policy are exempted under Section 80C of the Income Tax Act, 1961. Country’s top financial advisors consider Life Insurance plans as one of the top tax saving tools.
- Helps in building corpus
Life Insurance is also important to build corpus, as you get complete assurance of getting guaranteed sum assured from the day of policy inception. You shall be able to enjoy life with your family whilst you can safely build the corpus.
- Provides major peace of mind
You know that your family is the most important thing in this world. A Life insurance policy will keep your family financially secure in case of unfortunate eventualities. This will thus give you a sigh of relief.
Do You Need Life Insurance?
Most of us are by now aware of the benefits of a Life Insurance policy, but never feel the urge of having one until we experience an uncertainty. Are we waiting for some unforeseen incident to take place? However there are few benefits which make Life Insurance a necessity to buy.
- Will encourage saving
If you are a big time spendthrift, it is the best way to begin saving. Most of us get a Life Insurance policy with a motive to fulfil your dreams or that of your loved ones. Here, you will be liable to pay certain amount to the insurance company, it will thus stop you from making unnecessary spending.
- Pension / Retirement plans
After long exhausting years of working hard, one would definitely want a peaceful and relaxing retired life. Life Insurance policies help you to get a step closer to a life like this.
- To finance your children’s education and other needs
It is helpful to get additional financial assistance for your child’s growth not only in terms of education, but also cater to other needs like a good life style, education and health.
- To ensue you have funds in case of a medical emergency
Life Insurance will be beneficial when your income will be reduced due to some serious illness or medical emergency. It will help relieve stress to you and your family members.
- Tax Exemption
You are eligible for a tax exemption under the Section 10(10D) of the Income Tax Act. Additionally you are also eligible for Tax exemptions under Section 80C for the premiums paid.
What Will The Premiums Be?
There are various factors on which the premium of a Life Insurance policy depends like..
- Medical history
This is one of the most important factors which will determine your premium. In case the policy holder has medical history of serious illness like cancer, heart disease, anything which is hereditary, the premium for the life insurance policy will be on a higher side.
This is an obvious factor and influences your Life Insurance premium to the most. With age, there are higher chances of you getting prone to diseases, so it is advisable to buy a Life Insurance policy when you are young.
Life Insurance companies believe that there is different life expectancy for different genders. The women are believed to live 5 years more than men at the minimum. Hence premium will slightly lower for women as compared to men.
- Drinking and smoking
People who drink alcohol and smoke have higher chances of getting vulnerable to liver and kidney related diseases. Therefore, the premiums paid by a smoker will be high as compared to a non-smoker.
- Overall life style
It is also vital to keep a check on your lifestyle and health related choices. Say for instance, people who are obese can lead to a lot of health related problems like high blood pressure, cancer, stroke etc.
Hence choosing Life Insurance quote online will not only help you choose a low premium policy but also ensure you get the best amongst the rest!